Mark Zuckerberg Announces Instagram Acquisition By Facebook

So what does this mean for Instagram users -- more than 30 million strong on Android and iOS platforms combined -- who have come to know and love the service since it launched in 2010?

Mark Zuckerberg, the social network's co-founder CEO, penned a post on his Facebook Timeline on Monday afternoon assuring Instagram's more than 30 million users that the acquisition would not mean the end of Instagram.

"We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook," wrote Zuck. "That's why we're committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people."

He also said that Instagram users would still be able to post their photos on other social networks besides Facebook. There will still be an option for users to withhold their pics from Facebook, and to follow people on Instagram and maintain lists of Instagram followers that are separate from Facebook friends.

Instagram CEO Kevin Systrom posted a similar announcement on his company's blog.

Zuckerberg also noted that this is the largest product Facebook's ever acquired, in terms of its large user base. "We don't plan on doing many more of these [types of acquisitions], if any at all," he wrote.

According to Facebook's press release, the transaction will be completed later this quarter.